Post #1319

Oil giant ExxonMobil joined 19 other corporations in filing claims before a US court over debts owed by Venezuela. Last week, the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) awarded ExxonMobil US $77 million after the company re-submitted a $1.4 billion claim. The tribunal declared that Exxon was already compensated with $908 million out of a $984.5 million award granted by the International Chamber of Commerce and is only owed the difference. The corporation immediately moved to attach its debt to an ongoing auction of shares belonging to Venezuelan oil subsidiary CITGO that has been orchestrated by the Delaware District Court in order to satisfy a number of international arbitration awards against the Caribbean nation. https://venezuelanalysis.com/news/15831